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Kraken cryptocurrency exchange review
Trade a wide range of cryptocurrencies on this prominent, feature-filled exchange
- Great for its wide range of features
- Not so great for its varying trading fees
Check out our full list of pros and cons or read on.
7
Fiat currencies
56
Cryptocurrencies
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Details
| Product Name | Kraken Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | USD, EUR, GBP, JPY, CAD, CHF, AUD |
| Cryptocurrencies | BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC & 40+ more |
| Deposit Methods |
Bank transfer Cryptocurrency SWIFT Wire transfer Osko SEPA |
| Trading Fee |
Maker: 0.00-0.16%
Taker: 0.10-0.26% |
| Deposit Fees | Fees vary |
| Withdrawal Fees | Fees vary |
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What's in this guide?
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD, EUR, GBP, JPY, CAD, CHF, AUD
- Supported cryptocurrencies: Approximately 56 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
- Cryptocurrency
- SWIFT
- Wire transfer
- Osko
- SEPA
Fees and limits
Platform trading fees
Kraken's comprehensive trading fee structure varies depending on trade volume, and what kind of trade it is. Fees vary for stablecoins, dark pool trades and margin trading, so it's worth checking Kraken's site for the latest break down.
The fees below are accurate as of August 24, 2020.
Trading fees
| 30-day volume (30-day USDT) | Maker fee | Taker fee |
|---|---|---|
| $0 - $50,000 | 0.16% | 0.26% |
| $50,001 - $100,000 | 0.14% | 0.24% |
| $100,001 - $250,000 | 0.12% | 0.22% |
| $250,001 - $500,000 | 0.10% | 0.20% |
| $500,001 - $1,000,000 | 0.08% | 0.18% |
| $1,000,001 - $2,500,000 | 0.06% | 0.16% |
| $2,500,001 - $5,000,000 | 0.04% | 0.14% |
| $5,000,001 - $10,000,000 | 0.02% | 0.12% |
| $10,000,000+ | 0.00% | 0.10% |
Stablecoin trading fees
| 30-day volume | Maker fee | Taker fee |
|---|---|---|
| $0 - $50,000 | 0.20% | 0.20% |
| $50,001 - $100,000 | 0.16% | 0.16% |
| $100,001 - $250,000 | 0.12% | 0.12% |
| $250,001 - $500,000 | 0.08% | 0.08% |
| $500,001 - $1,000,000 | 0.04% | 0.04% |
| $1,000,000+ | 0.00% | 0.00% |
Dark pool trading fees
| 30-day volume | Maker fee | Taker fee |
|---|---|---|
| $0 - $50,000 | 0.36% | 0.36% |
| $50,001 - $100,000 | 0.34% | 0.34% |
| $100,001 - $250,000 | 0.32% | 0.32% |
| $250,001 - $500,000 | 0.30% | 0.30% |
| $500,001 - $1,000,000 | 0.28% | 0.28% |
| $1,000,001 - $2,500,000 | 0.26% | 0.26% |
| $2,500,001 - $5,000,000 | 0.24% | 0.24% |
| $5,000,001 - $10,000,000 | 0.22% | 0.22% |
| $10,000,000+ | 0.20% | 0.20% |
Margin trading fees
- Make sure you fully understand the risks before margin trading.
Margin trading may result in the loss of your entire account balance. Cryptocurrency is volatile and rapid price drops can liquidate your account. If you want to margin trade, please ensure you fully understand the risks involved, take care to manage your exposure and consider setting profit targets and stop-loss limits to better manage the risks.
| Base currency | Quote currency | Opening fee | Rollover fee |
|---|---|---|---|
| XBT (Bitcoin) | EUR, USD | 0.01% | 0.01% per 4 hours |
| USDT (Tether) | EUR, USD | 0.01% | 0.01% per 4 hours |
| BCH (Bitcoin Cash) | EUR, USD, XBT | 0.02% | 0.02% per 4 hours |
| ETH (Ethereum) | EUR, USD, USDT, XBT | 0.02% | 0.02% per 4 hours |
| ETC (Ethereum Classic) | EUR, USD, ETH, XBT | 0.02% | 0.02% per 4 hours |
| REP (Augur) | EUR, ETH, XBT | 0.02% | 0.02% per 4 hours |
| XMR (Monero) | EUR, USD, XBT | 0.02% | 0.02% per 4 hours |
| XRP (Ripple) | EUR, USD, XBT | 0.02% | 0.02% per 4 hours |
Deposits and withdrawals
You can deposit cryptocurrencies with standard network fees, while the deposit options and fees will vary depending on whether you're depositing USD, EUR, CAD, AUD, GBP, JPY or CHF, and whether you're making a deposit or withdrawal.
Deposits
Etana Custody and Silvergate Exchange Network deposits
Etana Custody and Silvergate Exchange Network are two different deposit options that Kraken offers. To use these deposit methods, you will first have to create an account with Etana Custody or Silverate Bank.
Etana Custody is a funding and custody service that provides additional benefits, such as worldwide availability and instant transfer options, where needed, while Silvergate Bank is a platform which offers access to the Silvergate Exchange Network for fast international transfers.
Etana lets you deposit a wide range of currencies, while Silvergate Exchange Network is for USD only.
How fast will my funds be available?
Deposits
Instant – 5 days
Instant or near-instant deposits are available through Osko/PayID AUD deposits, Etana Custody, CAD payment options or cryptocurrency deposits.
Most other options will take 1 to 5 business days.
Withdrawals
Varies
Instant or near-instant withdrawals are available through AUD withdrawals, Etana Custody, CAD payment options or cryptocurrency deposits.
Most other options will take 1 to 5 business days.
What's it like to use Kraken?
1. Getting started
Find bold designs, as well as quick links to account creation, Kraken features, markets and other extras on the Kraken home page.
2. 24/7/365 customer service
Kraken customer support is available 24 hours a day, 7 days a week, 365 days a year, even on major holidays.
3. Current prices
You can find Kraken's current cryptocurrency prices, and some additional information, on the prices page. Simply click through to view the order book for a given pair.
4. Trading screen
Find more detailed information on how a pair is trading, place orders and trade through the Kraken trading screen.
5. Extra features
Browse Kraken's extra features including margin trading, futures and its OTC desk, as well as analytics features such as indices, and Kraken's own Cryptowatch tool.
Kraken mobile apps
Kraken offers three smartphone apps, each tailored to a different part of the exchange.
The Kraken mobile app is for quick buying and selling, while the Kraken Pro app is a feature-rich experience for traders, and finally, Kraken Futures is solely focused on futures contracts.
Kraken app
The Kraken app aims to make buying and selling cryptocurrency from your phone a quick and easy process. It offers in-app fiat deposits and withdrawals, buy and sell cryptocurrencies, a portfolio tracker and access to customer support. Kraken says that it's so straight-forward that even people who have never purchased cryptocurrency before will be able to use it.
Kraken Pro app
The Kraken Pro app aims to bring the fully-fledged exchange experience to your smartphone. It features Kraken's full range of markets, enhanced security, margin trading, advanced order types and live market data. As far as exchange apps go this is one of the most comprehensive out there, and users seem to agree with an average rating of 4.5/5 and 4.9/5 on the Play and App Store respectively.
Kraken Futures app
As the name suggests, the Kraken Futures app is purely focused on futures markets in a mobile format. Users are able to trade with up to 50x leverage on five different currencies pairs – just like the desktop exchange. Live market data and in-app customer support round out the experience.
Is Kraken safe to use?
- Regulation. Kraken is based in Canada and has registered as a money services business in the US under the name of its parent company Payward Inc.
- Verification process. Kraken requires all users to provide information about themselves, but document verification is only required for fiat currency transfers or trading. No document verification is required for cryptocurrency transfers or trading.
- Security features. Kraken follows industry best security practices such as keeping 95% of user funds in cold storage and encouraging two-factor authentication. It runs a bug bounty program and says its servers are kept in secure cages, under armed guards and constant surveillance.
Kraken was founded in 2011 and launched in 2013. While individual users have had their accounts compromised over the years, typically after failing to enable two-factor authentication, Kraken is never known to have been the victim of a major heist, and two-factor authentication is now mandatory.
Regardless, Kraken CEO Jesse Powell advises people not to store cryptocurrency on Kraken, or any other cryptocurrency exchange.
It was the world's first exchange to produce cryptographic proof of its reserves, and you can still verify that Kraken is fully backed as of its most recent audit. You can verify that your cryptocurrency was included in the latest audit from your Kraken account.
How do I create an account at Kraken?
What else do I need to know about Kraken?
Kraken was founded in 2011, after the Mt Gox incident. It was conceived with the specific intention of being the professional, secure and high-quality Bitcoin exchange the nascent industry desperately needed at the time.
It was launched in 2013 and has been one of the world's most prominent cryptocurrency exchanges ever since.
In a nutshell
Pros
- Wide fiat and crypto range: With USD, EUR, GBP, CAD, AUD, JPY and CHF pairs, plus a wide range of cryptocurrencies, Kraken is among the world's most versatile exchanges.
- Feature-filled: Kraken offers margin trading, futures, an OTC desk, dark pools and additional tools such as indices and its own Cryptowatch.
- 24/7/365 customer service: Kraken offers customer service every hour of every day of the year, as well as account management services for advanced traders.
- Since 2013: Kraken is one of the world's largest exchanges by trading volume and many regard it as one of the most legitimate.
Cons
- Varying fees: You need to be aware of the fees, because they can vary by trade type. Basic trading fees range from 0% to 0.26%, while dark pool, stablecoin trading or margin trading have different fee structures.
Compare Kraken against other exchanges
Frequently asked questions
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
